US Government Spending and Budget Cuts: We Are Getting Fooled Again

Here is why S&P downgraded the US credit rating.

• U.S. Tax revenue: $2,170,000,000,000 
• Fed budget: $3,820,000,000,000 
• New debt: $ 1,650,000,000,000 
• National debt: $14,271,000,000,000 
• Recent budget cut: $ 38,500,000,000

Now let’s remove 8 zeros and pretend it’s a household budget.

• Annual family income: $21,700 
• Money the family spent: $38,200 
• New debt on the credit card: $16,500 
• Outstanding balance on the credit card: $142,710 
• Total budget cuts: $385

Source: http://www.jsmineset.com/2011/09/04/jims-mailbox-770/

via Jeff Taylor